{"id":6516,"date":"2022-10-04T21:02:54","date_gmt":"2022-10-04T21:02:54","guid":{"rendered":"https:\/\/www.fmloans.com?p=6516"},"modified":"2023-09-14T17:06:41","modified_gmt":"2023-09-14T17:06:41","slug":"refinancing-a-commercial-loan","status":"publish","type":"post","link":"https:\/\/integrumresources.com\/fmloans\/refinancing-a-commercial-loan\/","title":{"rendered":"Refinancing a Commercial Loan"},"content":{"rendered":"\n<p>Do you currently own a small business or a commercial property, and interested in getting a better mortgage term or rate on your existing loan? Refinancing a commercial loan can help a borrower save a significant amount of money, as well as increase the equity of a property. If you are located in Knoxville, Maryville, Lenoir City, Oak Ridge, or Gatlinburg, Tennessee, and are trying to determine a suitable refinancing option for your situation, Foundation Mortgage is here to help. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How Does a Commercial Loan Work?<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright\"><a href=\"https:\/\/www.fmloans.com\/wp-client_data\/20654\/3402\/uploads\/2022\/10\/office.jpg\"><img decoding=\"async\" src=\"https:\/\/www.fmloans.com\/wp-client_data\/20654\/3402\/uploads\/2022\/10\/office-300x200.jpg\" alt=\"office\" class=\"wp-image-6518\"\/><\/a><\/figure>\n<\/div>\n\n\n<p>Commercial mortgages are intended to help a business cover operating costs, including funding the payroll, the purchase of equipment and supplies, and other maintenance expenses. With this type of loan, the owner of a company is usually required to utilize the property itself as collateral in order to protect a lender in the event that a borrower is unable to make mortgage payments and defaults on the loan. When a borrower applies for a commercial loan, a lender will also evaluate the incoming revenue of a business, in addition to the value of the property. <a href=\"https:\/\/www.fmloans.com\/loan-options\/\">Commercial loans<\/a> are typically used to help purchase rental properties, retail stores, office or industrial buildings, warehouses, etc. The terms and rates for a commercial loan do vary, however, terms typically last between ten to twenty-five years.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Advantages of Refinancing a Commercial Loan<\/h2>\n\n\n\n<p>There are several benefits to <a href=\"https:\/\/www.fmloans.com\/mortgage-refinance-calculator\/\">refinancing<\/a> a commercial loan. First of all, borrowers that choose to refinance can save a substantial amount of money with lower interest rates and longer terms; by extending the terms of the mortgage, it can significantly lower the amount that is owed for each monthly mortgage payment. Commercial loans are generally designed for a borrower to make a lower payment amount during the mortgage\u2019s term, and then pay the remaining balance of the loan off when a larger payment becomes due. This tends to place a fair amount of monetary strain on a business, however, a commercial refinance allows a borrower to avoid having to pay off the large remaining end payment required by the existing mortgage. Borrowers can also choose a cash-out refinance on a commercial loan, which allows for the opportunity to make renovations and other improvements to a property, which could also help increase income by allowing a justifiable increase in rent, etc.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Commercial Loan Refinance Eligibility Requirements<\/h2>\n\n\n\n<p>Although the eligibility requirements for a commercial loan refinance do vary, the most common qualification criteria include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A credit report from your business<\/li>\n\n\n\n<li>You must have owned the business for at least twelve months<\/li>\n\n\n\n<li>A term range of ten to twenty-five years is required<\/li>\n\n\n\n<li>A review of the property\u2019s value will be required<\/li>\n<\/ul>\n\n\n\n<p>If you are interested in a commercial loan refinance in Knoxville, Maryville, Lenoir City, Oak Ridge, or Gatlinburg, Tennessee, contact Foundation Mortgage today for a consultation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you currently own a small business or a commercial property, and interested in getting a better mortgage term or rate on your existing loan? Refinancing a commercial loan can help a borrower save a significant amount of money, as well as increase the equity of a property. If you are located in Knoxville, Maryville, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6518,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-6516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Refinancing a Commercial Loan - Foundation Mortgage l Knoxville TN Home Loans<\/title>\n<meta name=\"description\" content=\"Foundation Mortgage is here to discuss your commercial loan refinancing options. 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